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The rupee rose to a session high of 59.45, its highest since July 29, but suspected RBI intervention pushed the pair to 59.55/56 from its close of 59.66/67 on Tuesday.
Traders said the RBI likely started buying dollars around 59.45. Some oil-related dollar demand is also supporting the pair, dealers added.
The pair is expected to hold in a 59.45 to 59.75 range in the rest of the session.
Traders will continue to monitor local share moves for cues, ahead of election results to be unveiled on Friday.
